New Delhi: In a significant stride towards global financial integration, the Ministry of External Affairs announced on Monday the extension of Unified Payment Interface (UPI) services to Sri Lanka and Mauritius. This expansion catapults UPI into operation across seven countries, heralding a new era of seamless digital transactions across borders. The Unified Payments Interface (UPI), renowned for its instantaneous real-time payment system, empowers users to transfer funds across multiple bank accounts without divulging sensitive information. Its burgeoning international presence mirrors the surging demand for its convenience and efficiency in the global financial landscape.
Expansion of UPI Services
- Bhutan: A collaboration between NPCI International Payments Ltd (NIPL) and the Royal Monetary Authority (RMA) of Bhutan led to the implementation of BHIM UPI QR-based payments on July 13, 2021.
- Oman: A landmark Memorandum of Understanding (MoU) inked between NPCI, NIPL, and the Central Bank of Oman (CBO) on October 4, 2022, paved the way for RuPay card acceptance and cross-border remittances.
- Mauritius: The introduction of UPI connectivity allows Indian visitors to patronize local businesses, while Mauritian tourists leverage the Instant Payment System (IPS) app for transactions in India.
- Sri Lanka: Indian travelers can now seamlessly conduct QR code-based transactions at merchant locations in Sri Lanka using their UPI apps.
- Nepal: UPI-enabled mobile banking facilitates fund transfers from Nepali users to India.
- France: The iconic Eiffel Tower now features UPI payment mechanisms, a collaboration between NIPL and Lyra, a French payments company.
- Southeast Asia: A strategic partnership between NIPL and Liquid Group enables QR-based UPI payments across 10 countries, including Malaysia, Thailand, Philippines, Vietnam, Singapore, Cambodia, South Korea, Japan, Taiwan, and Hong Kong.
Functionality of UPI overseas:
- Users are required to register their bank accounts with a UPI-enabled mobile app to initiate international payments.
- Transactions can be seamlessly conducted by scanning QR codes or entering recipient details and the transfer amount.
In Paris, India’s UPI service has been seamlessly integrated into the Eiffel Tower’s infrastructure, enabling Indian visitors to make payments via QR code scanning. Users can activate international UPI payments through their UPI app settings, followed by verification with their UPI PIN.
Making international payments using UPI:
- Transactions mirror the simplicity of domestic UPI payments, albeit with bank fees and foreign exchange rates applied.
- Payment completion involves scanning the merchant’s QR code, selecting the desired bank account, and entering the UPI PIN for confirmation.
